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XRP Movement On-Chain Tops 100 Million Tokens, Should Market Brace for Sell-off?

Fri, 03/03/2023 - 12:24
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Godfrey Benjamin
Millions of XRP moving on-chain calls for caution, not panic
XRP Movement On-Chain Tops 100 Million Tokens, Should Market Brace for Sell-off?
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XRP is among the top losers of the top 10 digital currencies today. The payment token is down by 2.80% over the past 24 hours and is pegged at $0.368, according to CoinMarketCap's data.

The rout in the industry has been encompassing, and while it cuts across the most dominant altcoins in terms of market capitalization, XRP has given a slight insight into what might be the trigger for its own slump. Per data from analytics outfit Whale Alerts, more than 121 million XRP coins have moved on-chain over the past 12 hours.

The largest of this tranche was 46.5 million XRP units worth around $16.5 million being moved from Bitso exchange to an unknown wallet. The funds' movement also involved about 43 million XRP units as well, as another 32 million XRP tokens.

There is no evidence that the owners of these funds are connected in any way, and while the purpose of the movement remains unknown, investors are expected to stay conservative in their approach at the moment. This has become even more necessary now that the market is recording massive liquidations worth more than $240 million.

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Trusted market resilience

The crypto ecosystem is often overloaded with one form of Fear, Uncertainty and Doubt (FUD) at one time or another, and this time around, the negativity is quite profound. The industry is seeing the regulator's encroachment in stablecoin administration, as in the case of Paxos Trust, as well as staking services, as in the case of Kraken exchange.

Even the proposed acquisition of the assets of Voyager Digital by Binance.US has been squashed by American regulators, showcasing the onset of enhanced scrutiny from market watchdogs.

Despite all of these things, the industry is known to be highly resilient, and this might help the ecosystem bounce back in no time.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.